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Part of Liberty Latin America Liberty ⚫ CARIBBEAN tmóvil LIBERTY NETWORKS Liberty LIBERTY LIBERTY LATIN AMERICA Q2 & H1 2026 INVESTOR CALL August 6 , 2026 LIBERTY LATIN AMERICA
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 “SAFE HARBOR” 2LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 FORWARD-LOOKING STATEMENT | DEFINED TERMS FORWARD-LOOKING STATEMENTS & DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, financial and operational performance, growth expectations; efficiency initiatives; our digital strategy, product innovation and commercial plans and projects; expectations on demand for connectivity in the region; the recovery of our Puerto Rico and Jamaica operations; our plans and expectations with respect to liability management in Puerto Rico and our strategic value creation initiatives; the impact of Hurricane Melissa on our business and operations; the expected benefits and timing for our subsea cable expansion; the strength of our balance sheet and tenor of our debt; future projected sources and uses of cash; the anticipated benefits from our new IT service agreement; future share repurchases; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events and efforts to contain any pandemic, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. INFORMATION RELATING TO DEFINED TERMS Please refer to the Appendix at the end of this presentation, as well as our SEC filings, for the definitions of the following terms which may be used herein including: Rebased Growth, Adjusted Operating Income Before Depreciation and Amortization (“Adjusted OIBDA”), Adjusted OIBDA less P&E Additions, Adjusted Free Cash Flow (“Adjusted FCF”), Revenue Generating Units (“RGUs”), as well as non-GAAP reconciliations, where applicable.
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY LATIN AMERICA | KEY MESSAGES(1) 4LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 (1) See Appendix for definitions and additional information. (2) YTD through August 3, 2026. All segments reported positive contributions Share repurchases accelerated post preferred distribution Remain opportunistic >$60M EQUITY BUYBACK YTD(2) Distributed to LLA shareholders in June Reflects management conviction in future cash flow generation $500M PREFERRED STOCK 2 41 3 +45K Q2 POSTPAID & BROADBAND ADDS All segments showed sequential expansion Improving Adjusted FCF +3% Q2 ADJUSTED OIBDA YOY GROWTH OPERATIONAL STRENGTH & IMPROVING ADJUSTED OIBDA & CASH FLOW; CASH RETURNS TO SHAREHOLDERS
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 TOTAL LIBERTY CARIBBEAN | MELISSA HEADWINDS DIMINISHING(1) 5 12 17 12 15 11 MOBILE POSTPAID SUBSCRIBER EVOLUTION MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION (64) 1 0 2 2 YoY ADDs MOB ADDs TOTAL (74) +4 +55 (29) LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 RGU ADDs (4) (7) (157) (5) +1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 (32) +54 (61) YoY ADDs UNBEATABLE NETWORK TO DRIVE FURTHER FMC GAINS O/W (57)K Q4 MELISSA-RELATED KEY MESSAGES • Postpaid mobile momentum strong, supporting FMC penetration gains • Launch of Unbeatable Network in Jamaica & Cayman • Initial Jamaican 5G launch for postpaid B2C & B2B; 70% POPs coverage • Prepaid mobile subscriber declines resulting from prepaid to postpaid migration & Q1 price increase • Continued recovery in fixed online RGUs in Jamaica C&W CREDIT SILO (1) See Appendix for definitions and additional information. Due to rounding, certain totals and percentage changes may not recalculate.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 6LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 C&W PANAMA | DRIVING LLA POSTPAID & BROADBAND ADDS(1) MOBILE POSTPAID SUBSCRIBER EVOLUTION 7 11 12 13 11 TOTAL 7 6 4 10 2 KEY MESSAGES (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs +47 +36(15) +18 +32 +21 +22 MOB ADDs MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS +21 +11 +8 +3 +23 TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs C&W CREDIT SILO MAS STARLINK LAUNCH ANNOUNCED FOR H2 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 • Continued strong net additions across both postpaid & prepaid mobile segments • Announced DTC offering, Más Starlink • Supportive narrative on residential pricing environment after Q1 actions • Q2 acceleration in broadband adds • Supportive B2B pipeline for H2
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 7LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 LIBERTY NETWORKS | PROJECTS DRIVING REVENUE(1) GEOPOLITICAL DEVELOPMENTS IN VENEZUELA PRESENTING OPPORTUNITIES YoY REVENUE EVOLUTION 33 36 82 94 Q2 25 Q2 26 115 130 ENTERPRISE WHOLESALEIN USD MILLIONS +14% REBASED WHOLESALE +3% REBASED ENTERPRISE KEY MESSAGES C&W CREDIT SILO • Support to revenue in Q2 from El Salvador milestone • Geopolitical developments driving increased interest in access to Venezuela. Launching Fenix to enable direct access to the Caracas market. Constructions utilizes the Americas-II route to reduce both cost & time to deliver this new route • Ongoing MANTA build on track for future monetization (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 8 LIBERTY COSTA RICA | HOLDING STEADY IN DYNAMIC MARKET(1) OPERATIONAL INITIATIVES DRIVING COST EFFICIENCIES MOBILE POSTPAID SUBSCRIBER EVOLUTION(2) 17 33 18 81 4 2 4 3 21 KEY MESSAGES (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. (2) During Q3 2025, 21,600 Planes Libres subscribers were migrated from prepaid to postpaid. Of the 21,600 net postpaid additions included in Q3 2025, 11,500, 5,000 and 5,100 subscribers were added as prepaid in Q2 2025, Q1 2025 and late 2024, respectively, when this mobile plan was first launched. YoY ADDs TOTAL +137 +19 +30 +14+34 (38) +7 +7 +14 +10 +7 +10 QoQ MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs LCR CREDIT SILO Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 • Strong YoY rebased growth in mobile revenue +6% • Price increases on postpaid in late Q2 supported by upcoming DTC Starlink launch • Continued deployment of 5G to enhance quality of service • Fixed ARPU still under some pressure from competitive dynamics • Repositioning B2B • Cost initiatives driving profitability MOB ADDs
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 (10) (8) 6 4 8 (7) (7) (5) (4) (2) LIBERTY PUERTO RICO | FURTHER IMPROVEMENT IN KPIs(1) SIM-ONLY PLANS WITH ATTRACTIVE ECONOMICS SUPPORTING VOLUME GROWTH MOBILE POSTPAID SUBSCRIBER EVOLUTION TOTAL (1) See Appendix for definitions and additional information. Due to rounding, certain totals may not recalculate. YoY ADDs KEY MESSAGES +10 (6)(15) (13) (10) LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 9 — (7) (12) (7) +4 +5 (18) MOBILE POSTPAID NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS TOTAL INTERNET NET ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS INTERNET RGU EVOLUTION RGU ADDs YoY ADDs Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 LPR CREDIT SILO • A third consecutive quarter of positive postpaid additions • Sequential expansion in customer- driven mobile service revenue supported by higher postpaid ARPU • Adoption of SIM-only postpaid plans with attractive economics given the lack of subsidies • Fixed broadband losses continue to diminish. Support from Unbeatable Internet & USVI broadband adds MOB ADDs Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 RETURN TO ADJUSTED OIBDA GROWTH Q2 2026 FINANCIAL RESULTS(1) 11 (1) See Appendix for definitions and additional information. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 REVENUE IN USD MILLIONS; REBASED GROWTH RATE IN USD MILLIONS; REBASED GROWTH RATE ADJUSTED OIBDA —% Q2 25 Q2 26 1,087 1,103 +3% 415 436 Q2 25 Q2 26 • Growth in Q2 despite net negative impact of $6 million from Hurricane Melissa • Gaining operational leverage through YoY cost reductions • Sequential increase of ~$30m from Q1 2026 • Q2 2026 still impacted by Hurricane Melissa headwinds • Double-digit YoY growth at Liberty Networks • Sequential increase of ~$20m from Q1 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LIBERTY NETWORKS POWERING THE CREDIT SILO SEGMENT FINANCIAL RESULTS | C&W CREDIT SILO(1) (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. The sum of each segment’s financial metric does not recalculate to the relevant total C&W credit silo financial metric due to intercompany transactions eliminated during consolidation. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 15% AS % OF REVENUE AS % OF REVENUE 16%16% AS % OF REVENUE 297 101 649 REVENUE ADJ. OIBDA P&E ADDs AS % OF REVENUE 16% Q2 2026 IN USD MILLIONS (6)%(2)% (5)%(—)% +9%+10% (2)%+1% 12 VS PY REBASED 55 67 Q1 26 Q2 26 +12163 165 Q1 26 Q2 26 +1 64 65 Q1 26 Q2 26 +2 282 297 Q1 26 Q2 26 +15 ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ABSOLUTE CHANGE 45%46%REVENUE TO 37%36% 51%46% 46%45% 165 53 362 REVENUE ADJ. OIBDA P&E ADDs 177 65 REVENUE ADJ. OIBDA 28 P&E ADDs 130 67 REVENUE ADJ. OIBDA 20 P&E ADDs
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 BOTH LCR & LPR DELIVERING ADJUSTED OIBDA EXPANSION SEGMENT FINANCIAL RESULTS | LCR & LPR CREDIT SILOS(1) (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. 13LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 93 45 288 REVENUE ADJUSTED OIBDA P&E ADDs 64 23 169 REVENUE ADJUSTED OIBDA P&E ADDs 16% AS % OF REVENUE 14% AS % OF REVENUE Q2 2026 IN USD MILLIONS Q2 2026 IN USD MILLIONS +7%(5)%+7%—% VS PY REBASED COSTA RICA PUERTO RICO VS PY REBASED 91 93 Q1 26 Q2 26 +2 57 64 Q1 26 Q2 26 +7 ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ADJUSTED OIBDA SEQUENTIAL PERFORMANCE IN USD MILLIONS ABSOLUTE CHANGE 32%31%REVENUE TO 38%36% REVENUE TO ABSOLUTE CHANGE
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 P&E ADDITIONS EFFICIENCY UNCHANGED; STEP UP IN ADJUSTED FCF P&E ADDITIONS & ADJUSTED FCF(1) 14 (1) See Appendix for definitions and additional information. Due to rounding, certain differences and percentages may not recalculate. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 P&E ADDITIONS IN USD MILLIONS; AS PERCENTAGE OF REVENUE 14% 16% • P&E additions elevated in Q2 due to mobile capacity upgrades, after a lighter Q1 • $12m of CAPEX related to Jamaican recovery in Q2 • Capex efficiency remains well positioned with stable H1 P&E additions as a percentage of revenue (41) 83 (145) 19 Q2 25 Q2 26 H1 25 H1 26Q2 25 Q2 26 H1 25 H1 26 150 179 271 289 12% 13% INCLUDES H1 26 LPR ADJUSTED FCF LOSSES OF ~$90M IN USD MILLIONS; ABSOLUTE CHANGE BEFORE DISTRIBUTIONS TO PARTNERS ADJUSTED FCF BEFORE DISTRIBUTIONS TO PARTNERS • Strong advance in Adjusted FCF in Q2 and H1 YoY • H1 benefiting from favorable working capital timing , including vendor financing movements +124 +164 TO PARTNERS DISTRIBUTIONS (25) (29) (25)—
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 15 (1) See Appendix for definitions and additional information. Balance sheet and liquidity information as of June 30, 2026. Equity buyback information as of August 3, 2026. Due to rounding, certain totals may not recalculate. (2) LLA consolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Appendix and Non-GAAP Reconciliations. Silo covenant leverage calculated in accordance with each silo’s credit agreement. Reported leverage for LPR calculated dividing reported net debt, by the Adjusted OIBDA for the last two quarters, annualized. BALANCE SHEET & LIQUIDITY POSITION(1) CAPITAL ALLOCATION FOREFRONT OF VALUE CREATION STRATEGY LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 KEY METRICS EQUITY BUYBACK PREFERRED SHARE DISTRIBUTION >$60 MILLION BUYBACK YTD 2026 ~$140 MILLION AUTHORIZATION REMAINING • $500 million notional value of preferred stock with 9% dividend rate • Trading on Nasdaq Global Select under LILAP • First quarterly cash dividend payable on September 15, 2026 • Strong message on management confidence in future FCF outlook PUERTO RICOCOSTA RICA TOTAL DEBT $5.0 BILLION $0.5 BILLION $3.1 BILLION $8.5 BILLION CASH $0.5 BILLION $32 MILLION $0.1 BILLION $0.7 BILLION NET LEVERAGE(2) 3.8x COVENANT 2.0x COVENANT 14.1x COVENANT 8.0x REPORTED 4.6x REPORTED UNUSED BORROWING CAPACITY $0.7 BILLION $20 MILLION $0.2 BILLION $0.9 BILLION
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 CONCLUSIONS(1) OPERATING RESULTS BUILDING MOMENTUM FOR H2 (1) See Appendix for definitions and additional information. 16LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 STRONG Q2 & H1 Robust net additions in postpaid & broadband Impressive cash flow expansion CAPITAL ALLOCATION Newly issued preferred provides dividends to shareholders Share repurchases accelerated YTD; remaining opportunistic on future buybacks Launch of Unbeatable Network to differentiate customer proposition Announced IT services agreement building on AI capabilities INNOVATION & AI 21 3
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AGENDA EXECUTIVE SUMMARY 02 | FINANCIAL RESULTS 03 | APPENDIX 01 |
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 ARPU Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. CUSTOMER RELATIONSHIPS The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. DTC Direct to cell FMC Fixed mobile convergence FULLY-SWAPPED BORROWING COST OR WEIGHTED AVERAGE COST OF DEBT (WACD) Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations, debt related to the Tower Transactions and other debt), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. INTERNET (BROADBAND) RGU A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. MOBILE SUBSCRIBERS Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. REVENUE GENERATING UNIT (“RGU”) RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. TOWER TRANSACTIONS Transactions entered into during 2023 associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct. VAS Value added services. DEFINITIONS & ADDITIONAL INFORMATION 18LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Revenue Three months ended June 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate & Eliminations Total C&W credit siloEnterprise Wholesale Total in USD millions; except for percentages Reported 366.3) 177.3) 33.1) 81.5) 114.6) 301.3) 151.3) (24.1) 1,086.7) 635.8) Foreign currency 0.9) —) 2.3) 1.4) 3.7) —) 16.5) (0.1) 21.0) 4.5) Rebased 367.2) 177.3) 35.4) 82.9) 118.3) 301.3) 167.8) (24.2) 1,107.7) 640.3) Reported % change(1) (1)%) —%) 10%) 15%) 14%) (5)%) 11%) N.M.) 1%) 2%) Rebased % change(2) (2)%) —%) 3%) 14%) 10%) (5)%) —%) N.M.) —%) 1%) INFORMATION ON REBASED GROWTH 19 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior- period measure divided by rebased prior-period measure. The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 Adjusted OIBDA Three months ended June 30, 2025 Liberty Caribbean C&W Panama Liberty Networks LPR LCR Corporate Total C&W credit silo in USD millions; except for percentages Reported 173.8) 68.6) 60.8)) 87.0) 54.0) (29.2) 415.0) 303.1) Foreign currency 0.4) —) 0.7)) —) 5.9) 0.1) 7.1) 1.1) Rebased 174.2) 68.6) 61.5)) 87.0) 59.9) (29.1) 422.1) 304.2) Reported % change(1) (5)%) (5)%) 10%) 7%) 18%) 41%) 5%) (2)%) Rebased % change(2) (6)%) (5)%) 9%) 7%) 7%) 41%) 3%) (2)%) INFORMATION ON REBASED GROWTH (CONT.) 20 (1) Reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure. (2) Rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior- period measure divided by rebased prior-period measure. The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 LLA Three months ended June 30, 2025 March 31, 2026 June 30, 2026 in USD millions; except for percentages Operating income (loss) (333.0) 145.2) 181.2) Share-based compensation and other Employee Incentive Plan-related expense(2) 13.3) 31.6) 12.8) Depreciation and amortization 217.5) 217.1) 226.1) Impairment, restructuring and other operating items, net 517.2) 11.2) 15.9) Adjusted OIBDA 415.0) 405.1) 436.0) Operating income (loss) margin (30.6)%) 13.4%) 16.4%) Adjusted OIBDA margin 38.2%) 37.4%) 39.5%) P&E additions 150.2) 110.7) 178.5) Adjusted OIBDA less P&E additions 264.8) 294.4) 257.5) Adjusted OIBDA less P&E additions margin 24.4%) 27.2%) 23.3%) ADJUSTED OIBDA DEFINITION & RECONCILIATION(1) 21 On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss. We define Adjusted OIBDA less P&E Additions, which is a non-GAAP measure, as Adjusted OIBDA less P&E Additions on an accrual basis. Adjusted OIBDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted OIBDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted OIBDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted OIBDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not substitute for, U.S. GAAP measure of income included in our condensed consolidated statement of operations. (1) Margins calculated as the relevant measures divided by total revenue for the applicable period. (2) Includes expense associated with our Long Term Value Plan, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 C&W Credit Silo Three months ended March 31, 2026 June 30, 2026 in USD millions; except for percentages Operating income (loss) 125.4) 138.1) Share-based compensation and other Employee Incentive Plan-related expense(2) 8.1) 3.8) Depreciation and amortization 122.7) 125.3) Related-party fees and allocations 21.5) 25.5) Impairment, restructuring and other operating items, net 4.1) 3.9) Adjusted OIBDA 281.8) 296.6) Operating income (loss) margin 19.9%) 21.3%) Adjusted OIBDA margin 44.7%) 45.7%) ADJUSTED OIBDA DEFINITION & RECONCILIATION (CONT.)(1) 22 (1) Margins calculated as the relevant measures divided by total revenue for the applicable period. (2) Includes expense associated with our Long Term Value Plan, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee. LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM, our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 June 30, 2026 in USD millions; except leverage ratios Total debt and finance lease obligations 8,448.5) Discounts, premiums and deferred financing costs, net 85.9) Adjusted total debt and finance lease obligations 8,534.4) Less: Cash and cash equivalents including restricted cash(1) 746.9) Net debt and finance lease obligations 7,787.5) Operating income(2): Operating income (loss) for the three months ended March 31, 2026 145.2) Operating income (loss) for the three months ended June 30, 2026 181.2) Operating income (loss) – last two quarters 326.4) Annualized operating income (loss) – last two quarters annualized 652.8) Adjusted OIBDA(3): Adjusted OIBDA for the three months ended March 31, 2026 405.1) Adjusted OIBDA for the three months ended June 30, 2026 436.0) Adjusted OIBDA – last two quarters 841.1) Annualized Adjusted OIBDA – last two quarters annualized 1,682.2) Consolidated debt and finance lease obligations to operating income (loss) ratio 13.1x) Consolidated net debt and finance lease obligations to operating income (loss) ratio 11.9x) Consolidated leverage ratio 5.1x) Consolidated net leverage ratio 4.6x) 23LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 (1) Includes $33m related to restricted cash at Liberty Puerto Rico that serves as collateral against certain letters of credit associated with the funding received from the FCC to continue to expand and improve our fixed network. (2) Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income and consolidated net debt and finance lease obligations to operating income as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. (3) Adjusted OIBDA is a non-GAAP measure. See slide 21 for reconciliations of Adjusted OIBDA to the nearest U.S. GAAP measure. CONSOLIDATED LEVERAGE RATIO DEFINITION & RECONCILIATION We have set forth below our consolidated leverage and net leverage ratios. Our consolidated leverage and net leverage ratios (Consolidated Leverage Ratios), each a non-GAAP measure, are defined as (i) the principal amount of debt and finance lease obligations less cash and cash equivalents and restricted cash divided by (ii) last two quarters of annualized Adjusted OIBDA. We generally use Adjusted OIBDA for the last two quarters annualized when calculating our Consolidated Leverage Ratios to maintain as much consistency as possible with the calculations established by our debt covenants included in the credit facilities or bond indentures for our respective borrowing groups, which are predominantly determined on a last two quarters annualized basis. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage ratios as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of June 30, 2026, are set forth below:
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LIBERTY LATIN AMERICA | Q3 2019 INVESTOR CALL | NOVEMBER 6, 2019 24LIBERTY LATIN AMERICA | Q2 & H1 2026 INVESTOR CALL | AUGUST 6, 2026 ADJUSTED FREE CASH FLOW DEFINITION & RECONCILIATION We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, and (iii) proceeds received in connection with handset receivables securitization, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, (d) repayments made associated with a handset receivables securitization, and (e) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: (1) For purposes of our consolidated statements of cash flows, expenses financed by an intermediary, including value-added taxes, are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. Three months ended Six months ended June 30, 2025 June 30, 2026 June 30, 2025 June 30, 2026 in USD millions Net cash provided by operating activities 141.2) 216.8) 165.8) 259.0) Cash payments for direct acquisition and disposition costs 3.6) 6.6) 4.0) 9.4) Expenses financed by an intermediary(1) 46.2) 63.6) 80.8) 129.2) Capital expenditures, net (139.3) (120.8) (236.0) (220.1) Principal payments on amounts financed by vendors and intermediaries (86.5) (79.9) (145.8) (148.4) Principal payments on finance leases (0.3) (0.2) (0.5) (2.3) Proceeds from (repayments of) handset receivables securitization, net (6.2) (3.4) (13.0) (7.7) Adjusted FCF before distributions to noncontrolling interest owners (41.3) 82.7) (144.7) 19.1) Distributions to noncontrolling interest owners —) (24.8) (29.1) (24.8) Adjusted FCF (41.3) 57.9) (173.8) (5.7)